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Grindrod Shipping

Nasdaq:GRIN, JSE:GSH

TMI secured a controlling stake in Grindrod Shipping in December 2022 and is set to gain 100% ownership following the approval of Grindrod’s proposed Selective Capital Reduction.

Grindrod Shipping owns and operates a diversified fleet of owned, long-term and short-term chartered-in dry bulk vessels in the Handysize and Supra/Ultramax segments which are highly complementary to TMI’s existing fleet.  Grindrod is based in Singapore, with offices in London, Durban, Tokyo and Rotterdam.

A transformational acquisition for TMI, the combined owned fleet comprises Japanese built, high quality geared bulker vessels with a carrying capacity of over 1.5 million dead-weight tonnes, significantly increasing TMI’s footprint in the geared dry bulk segment and increasing overall earnings power.

Since December 2022, TMI has brought about changes to the Grindrod Board and TMI and Grindrod Shipping have been making good progress in jointly evaluating next steps to capitalise on available synergies from the combined fleet across insurance, commercial management, technical management and corporate activities.

 

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